In an exclusive interview with Cryptonews Podcast, Josh Fraser, co-founder of Origin Protocol, an Ethereum-powered platform that develops Web3 technologies, discussed liquid staking and earning better yields “everywhere.”

He talked about Origin Protocol going multi-chain to Arbitrum, Base, and Optimism, as well as creating a Liquid Staking Token (LST) that users can get in and out of on a one-to-one basis without slippage concerns.

Mining Bitcoin on Smoking Laptops

Fraser discovered Bitcoin very early on, back in 2010.

Buying some at the time was difficult, but mining it was somewhat easier.

It required downloading software, running it on the computer for seven hours, and overheating the device.

It took one smoking laptop to get the 50 BTC block reward – then just a change, today a massive fortune.

But Fraser didn’t know what to do with it at the time, and it would take another seven years for him to return to the crypto world, settling there.

In 2017, co-founder Matt Lew convinced him to get into Ethereum, reigniting the excitement about blockchains.

“And so we started off just playing in the space,” Fraser said, trading some crypto, building smart contracts, “just to see what was possible and what actually made sense.”

The more they built, the more he became convinced that “this was a revolutionary technology.”

The founders came up with several ideas, choosing “the craziest, most audacious one of all,” which eventually became Origin Protocol.

Give our intern a follow for updates on all things Origin https://t.co/WbOUqahjOL

— Origin Protocol (@OriginProtocol) May 20, 2024

Going Multi-Chain

Origin is all about giving users better yields everywhere, no matter where they live or the chain and asset they use, said the co-founder.

Notably, it launched Origin Ether (OETH), an ETH-pegged token that earns yield from staking.

One among many things Origin is working on is having it one-to-one pegged and instantly redeemable so users can get out on a one-to-one basis anytime they want.

This is all permissionless, and there is no counterparty risk. “You just have to trust the code,” not the team.

The team aims to be “the only LST you’ll be able to get into and out of on a one-to-one basis without having to worry about any slippage whatsoever, no matter how large that trade is.”

Instant LST redemptions with zero slippage…

Time to start paying attention to the Automated Redemption Manager https://t.co/9Mqret99uG

— Origin Protocol (@OriginProtocol) May 23, 2024

Another big area the team is focused on is moving multi-chain.

Gas on the Ethereum is quite prohibitive for a lot of people, Fraser said.

Also, there are many “really enticing” yield opportunities on other chains and Layer 2s to explore.

“And so big push for us this year is expanding from mainnet to Arbitrum and then later on Base and Optimism as well,” he remarked.

Incentivized by Higher Yields

Expansion to Layer 2 is “a big shift” for the project.

The team received an 185,000 ARB grant from the Arbitrum Foundation. This, he said, will help the team grow the ecosystem.

And it’s not only OETH, Fraser remarked. “A lot of DeFi is shifting over to these Layer 2s.”

It is an inevitable move, he opined. One of the biggest factors behind it is savings on gas.

The new wOETH/ETH pool will distribute 3,968 $ARB per week to liquidity providers

LPing the pool allows you to stack:

$ARB rewards
Staking yields
Trading fees

— Origin Protocol (@OriginProtocol) May 30, 2024

Another is “a lot of new incentives that are coming from these other chains.”

There is an opportunity for people to earn extra yield as well.

All of that is passed onto the holders of Origin Dollar, Origin Ether, and the OGN governance token, Fraser said.

So there are multiple ways to get involved and participate in all of the yield that’s available, said Fraser, both on the mainnet and increasingly on Layer 2s as well.

Not Harvesting the Yield, Just Receiving It

Staking is often considered complicated and impossible for many.

Theoretically, to become an Ethereum validator, one needs to invest 32 ETH. Not everybody has this amount or wants to stake that much.

Others would like to stake more, but maybe not quite enough to get to ten validators, for example.

Services have popped up to offer solutions for this issue and provide “risk-free yield.”

Introducing the brand new Origin Dapp and the OGV-OGN Migration Portal! The new dapp features:

▸ A unified experience for Origin’s products
▸ New staking mechanics for xOGN
▸ Built-in governance and new staking rewards

Here’s how to convert your OGV and get started with… pic.twitter.com/TeZqRjjfpN

— Origin Protocol (@OriginProtocol) May 28, 2024

What Origin does, for example, when staking ETH, no matter the amount, stakers get an equal amount of OETH back.

Therefore, it’s always redeemable for the underlying ETH, says Frazer.

Behind the scenes, it’s put into 32 ETH chunks and is deployed onto validators.

“We take care of all of that overhead for you. You don’t have to worry about it. And then, all of that yield, as it comes back, you don’t have to do anything to claim or harvest it. Your balance will automatically increase in your wallet,” Frazer stated.

____

That’s not all.

In this interview, Fraser also discussed:

starting coding at the age of 10 and creating games;
co-founding three venture-backed companies: EventVue, Torbit (acquired by Walmart Labs), and Forage;
working with many top 500 internet retailers, including Amazon, Microsoft, Intel, Johnson & Johnson, and others;
DeFi industry – how it began, where it is now, and where it is headed;
crypto industry’s volatility;
staking, Ethereum, and Origin’s expansion to Layer 2 networks;
token mergers, the OGN-OGV merger, and the idea behind LST yield derivatives;
Automated Redemption Manager (ARM) enabling new use cases, a cross between an AMM and an isolated money market.

You can watch the full podcast episode here.

__________

About Josh Fraser

Josh Fraser is the co-founder of Origin Protocol, an Ethereum-powered platform that develops Web3 technologies. It aims to make non-fungible tokens (NFTs) and decentralized finance (DeFi) accessible to a wider audience.

Impressively, Fraser started coding at the age of 10.

Prior to Origin, he co-founded three other venture-backed companies: EventVue, Torbit (acquired by Walmart Labs), and Forage.

The post Josh Fraser, Co-Founder of Origin Protocol, on Liquid Staking, Getting Better Yields in Crypto, and The Future of DeFi | Ep. 339 appeared first on Cryptonews.

Veteran trader Peter Brandt predicts Bitcoin’s next bull market peak could reach $150,000 by late August or early September 2025.

According to an analysis published on the Brandt’s website, the Bitcoin halving events, where the mining rewards are halved from the previous cycle, have shown a remarkable pattern of almost perfect symmetry within past bull market cycles.

Bitcoin to Reach $150,000 With Identical Halving Cycle

Specifically, the analysis stated that the number of weeks from the start of each bull market cycle (marked by a low following a decline of over 75%) to the halving dates is nearly equal to the number of weeks from the halving dates to the subsequent bull market highs.

“If this sequence continues, the next bull market cycle high should occur in late Aug/early Sep 2025,” said Brandt.

The veteran analyst also suggested that while no prediction method is entirely foolproof, past bull market highs have aligned closely with an inverted parabolic curve.

If this trend holds, the peak of the current bull market cycle could see Bitcoin reaching a price range of $130,000 to $150,000. He attached a chart that indicated the probable high date and price level.

Bitcoin Price Cycles (Source: Peter Brandt)

Brandt emphasized that he remains flexible in his analysis and does not hold rigidly to any single idea.

He noted that while the presented view is the preferred analysis, it is not the only interpretation. The analyst also mentioned that he assigns a 25% probability to the possibility that Bitcoin’s price has already peaked for this cycle.

Tether Co-Founder Predicts New ATH

In an interview with Cryptonews.com before the halving in April, Tether co-founder William Quigley forecasted the potential all-time high for Bitcoin to appear by the end of 2025, too.

Quigley took historical statistics of the previous post-halving rally cycles into consideration, stating that it would take about 500 days to 18 months for Bitcoin to break the historical record, which would be October 2025 for this fourth event.

The post Veteran Analyst Peter Brandt Predicts Bitcoin Price to Reach $150K by September 2025 appeared first on Cryptonews.

Bitcoin Price Prediction

On Monday, the price of Bitcoin increased by 1%, opening at $68,473 and reaching an intra-day high of $68,733.Despite ongoing volatility, traders and investors remain speculative about future movements, closely watching the global crypto market cap, which increased by 0.42% to $2.55 trillion.

The total crypto market volume surged by 45.83% to $66.2 billion in the past 24 hours. Factors like US BTC-spot ETF market flow trends, anticipated central bank policy easing, and positive US political developments are driving the upward trend.

Veteran Trader Brandt’s $150,000 Bitcoin Prediction

Veteran trader Peter L. Brandt predicts Bitcoin will hit $150,000 by September 2025, based on historical trends linked to Bitcoin’s “halving” events, where mining rewards are reduced by half. These halvings often signal key points in Bitcoin’s bull market cycles.

Peter Brandt has predicted that the Bitcoin price could potentially reach a whopping $150,000 during the ongoing bullish cycle. pic.twitter.com/0IuhEoXcGC

— BULLSTREET GROUP (@Bullstreetgroup) June 3, 2024

Brandt’s analysis, supported by analysts like CryptoCon and PlanB, indicates that the period from the start of a bull market to a halving often equals the time from the halving to the market peak.

Key Points:

Prediction: $150,000 BTC by September 2025
Historical Basis: Linked to Bitcoin halving events
Support: Analysts CryptoCon and PlanB

This prediction could increase investor interest and market speculation, driving bullish momentum and significantly impacting Bitcoin’s market dynamics and valuation.

Pizzino Predicts Bitcoin High and Altcoin Surge

Crypto analyst Jason Pizzino highlights the average true range (ATR) indicator’s role in predicting Bitcoin (BTC) movements. Pizzino suggests that BTC’s ATR bottom often precedes price consolidation and upward trends. He asserts that if BTC stays above $56,000 to $60,000, it could indicate an impending all-time high.

Additionally, Pizzino sees potential for altcoins to rise, noting similarities in the TOTAL3 chart with past breakouts. This analysis suggests a hidden bullish sentiment in the crypto market, potentially driving investor confidence and increased buying activity.

Key Points:

BTC Range: $56,000 to $60,000
Indicator: Average True Range (ATR)
Altcoin Potential: TOTAL3 chart insights

Pizzino’s forecast could boost market confidence and drive bullish momentum in both Bitcoin and altcoins.

The post Bitcoin Price Prediction: $150K Forecast and ETF Market Trends; BTC to Hit $70,000? appeared first on Cryptonews.

Hong Kong Legislative Council member Wu Shuo has voiced criticism against Hong Kong’s cryptocurrency licensing system, citing its impact on market confidence.

In an article published recently, Wu highlighted concerns surrounding the licensing requirements imposed by the Hong Kong Securities and Futures Commission (SFC), which have led several major exchanges to withdraw their license applications.

The licensing system, set to take effect on June 1, 2023, mandates that virtual asset trading platforms operating in Hong Kong obtain a license from regulatory authorities by the end of the transition period, which concludes on June 1, 2024.

Failure to obtain the license would result in the termination of their business operations.

Major Exchanges Withdraw Applications from Hong Kong

Wu drew attention to the series of withdrawals that have taken place in recent months.

On March 28, 2024, HKVAEX, suspected to be affiliated with Binance, withdrew its license application.

Subsequently, on May 14, IBTCEX, QuanXLab, and Huobi HK followed suit, followed by Gate.HK on May 22, OKX HK on May 24, and Bybit (Spark Fintech Limited) on May 31.

These withdrawals have left only 17 virtual asset trading platforms remaining on the application list, with a total of 11 companies having withdrawn or returned their license applications.

Wu attributed the withdrawals to the requirement imposed by the Hong Kong SFC, which requires applicants for virtual asset trading platform licenses to commit to not having mainland Chinese users in any region. ‘

The requirement poses a challenge for traditional offshore exchanges, making it difficult for them to comply.

OKX attempted to form an industry alliance to oppose the requirement but was ultimately unsuccessful.

Industry insiders have mentioned that the entities that have withdrawn their applications could potentially update their legal frameworks or entities and reapply in the future.

However, they may not be able to reapply using a brand similar to that of an offshore exchange.

Currently, 11 platforms, including HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixincom, xWhale, YAX, Bullish, Cryptocom, WhaleFin, and Matrixport HK, remain as licensed applicants.

Only OSL and HashKey have obtained formal licenses thus far.

SFC to Conduct On-Site Inspections of Crypto Platforms

The Hong Kong SFC has announced that it will be conducting on-site inspections of local virtual asset trading platforms (VATPs) that have not yet completed their regulatory applications after the licensing deadline of June 1.

The SFC’s move comes as a reminder to crypto companies of their obligation to obtain licensing before the deadline.

After June 1, all local crypto trading platforms in Hong Kong must be licensed or “deemed-to-be-licensed” by the SFC.

Meanwhile, Hong Kong has launched its first batch of ETFs focused on cryptocurrencies, marking potential competition for the popular Bitcoin products in the United States.

Bloomberg Intelligence’s Rebecca Sin estimates that Bitcoin and Ether funds in Hong Kong could amass around $1 billion over the next two years.

Likewise, the CEO of CF Benchmarks, a subsidiary of cryptocurrency exchange Kraken, predicts that Hong Kong crypto ETFs will overcome their lackluster start and accumulate over $1 billion in assets by the end of 2024.

The post Hong Kong Legislator Raises Concern Over Crypto Licensing System as Major Exchanges Withdraw Applicati appeared first on Cryptonews.

Robinhood limited purchases of GameStop shares late Sunday following a surge in the meme stock’s value. It came after speculation arose that Keith Gill, the figure behind the notable short squeeze in 2021, could hold a substantial position in the video game retailer.

The brokerage said Blue Ocean ATS, the platform that facilitates overnight trades for certain stocks, would only accept orders within 20% above or below a reference price of $22.99. So, if traders wanted to buy GME above $27.59 or sell below $18.39 during the night, their order would likely be rejected.

This restriction was meant to allow limited trading during extended hours. But some Robinhood users reported being completely blocked from buying GME overnight.

Robinhood didn’t return Cryptonews’ request for comment by press time.

RobinHood has added a warning for anyone trying to buy GameStop pic.twitter.com/sTJtBoLLJj

— wallstreetbets (@wallstreetbets) June 3, 2024

Robinhood Restricts Trading After Gill’s GameStop Investment Fuels Overnight Price Jump

Robinhood’s warning follows a Reddit post from Gill, who goes by “Roaring Kitty” on YouTube. The post marks Gill’s first since April 21. He’s known as a key figure in the 2021 GameStop short squeeze thanks to his online influence.

A screenshot indicated he purchased 5m GME shares for $115.7m. He also allocated $65.7m towards call options. It also indicated his bet that GME would reach at least $20 per share by June 21.

The screenshot further showed he accrued a profit exceeding $9.3m from his GME holdings. Still, he sustained a loss of almost $2.5m on his call options.

In Robinhood’s overnight markets, GME surged nearly 20% in just 20 minutes to reach $27.58 following Gill’s Reddit post.

GameStop closed at $23.14 on Friday, May 31, marking a 38.8% increase in shares for the year. This increase appears to have been influenced by Gill’s comeback.

Roaring Kitty’s Return Fuels Market Speculation

Gill also shared a green UNO reverse card on X on the same day as his Reddit post. This has added to the series of mysterious posts and memes he’s been sharing since his return in May. The latest post attracted nearly 50,000 likes as of early Monday.

pic.twitter.com/zUuccrKWZr

— Roaring Kitty (@TheRoaringKitty) June 3, 2024

Three weeks ago, Gill’s initial return to social media ignited a remarkable surge in GameStop, with shares doubling in value in May alone. At the same time, Ethereum-based meme coins showed renewed optimism, including one named GME.

GME tickers have become big players in the meme coin market since Roaring Kitty reemerged to guide the next bullish phase.

The post Robinhood Implements Buying Restrictions on GameStop As Roaring Kitty Discloses $175M Bet appeared first on Cryptonews.

Matter Labs, the developer of the ZkSync Ethereum Layer 2 network, has dropped its attempt to trademark the term “ZK” following backlash.

According to a statement posted on social media by Matter Labs, the decision to withdraw applications came after extensive discussions with key figures in the zero-knowledge proof field.

Thank you to everyone who reached out following our post, offering ideas, support, and feedback.

As a result of these conversations, we decided to drop all trademark applications for the term “ZK”.

These discussions came down to one important fact: it would be impossible to…

— Matter Labs (∎, ∆) (@the_matter_labs) June 2, 2024

Community Leaders Condemn Unethical Attempt

A group of industry leaders published a statement to criticize the company’s attempt. The backlash was driven by concerns that trademarking the term would undermine the community’s collaborative spirit and restrict access to a fundamental technology.

“We condemn this behavior in the strongest possible terms, as a transparent attempt by a corporation to claim ownership over something that does not belong to it,” the public statement reads. “We believe that ZK is a public good that belongs to everyone.”

“A company exploiting the legal system to annex a public good violates the crypto ethos, the Ethereum ethos, and the academic ethos. It even goes against Matter Labs’ own ethos, which states: ‘We can make this world better by increasing people’s freedom,’” the letter addressed.

The statement also emphasized that ZK should remain public and accessible to all users. It stated that the technology and knowledge were created collectively, and therefore, all contributions should be owned by the collective.

The signatories included ZK Proofs co-inventors Shafi Goldwasser and Silvio Micali, StarkWare CEO Eli Ben-sasson, Polygon co-founders Sandeep Nailwal and Brendan Farmer, Polyhedra Network co-founder Tiancheng Xie, and Kakarot co-founder Elias Tazertes.

Matter Labs to Launch ZK Token Airdrop

Matter Labs said in the post that the company was proud to be in the movement that demonstrated tremendous care about crypto values.

“As a result of these conversations, we decided to drop all trademark applications for the term ‘ZK,’” said the company. “What could have worked for Ethereum would not necessarily work for the entire world.”

In addition, the company planned to launch an airdrop and invited the current users to register for wallets whitelisting.

The post Matter Labs Withdraws ‘ZK’ Trademark Application After Industry Backlash appeared first on Cryptonews.

Since the approval of spot Ether exchange-traded funds (ETFs) in the United States on May 23, over $3 billion worth of Ether has been withdrawn from centralized crypto exchanges (CEXes), indicating a potential upcoming supply squeeze.

Data from CryptoQuant reveals that between May 23 and June 2, the amount of Ether held on exchanges decreased by approximately 797,000 ETH, equivalent to $3.02 billion.

The decline in exchange reserves suggests that fewer coins are available for immediate sale as investors transfer their holdings to self-custody for various purposes, beyond immediate selling.

Ether Supply on Exchanges Lowest in Years

Further data shared by BTC-ECHO analyst Leon Waidmann, sourced from Glassnode, highlights that the percentage of circulating Ether supply held on exchanges is currently at its lowest level in years, standing at just 10.6%.

The decrease in available supply on exchanges may contribute to increased demand pressure on Ether.

Exchange balances for both #Bitcoin and #Ethereum are at their lowest levels in years!

Whales continue to accumulate. #BTC on exchanges is down to 11.6% and #ETH is at 10.6%!

Supply squeeze incoming.

Get ready for the next big move. pic.twitter.com/u4j13DZBJk

— Leon Waidmann | On-Chain Insights (@LeonWaidmann) June 2, 2024

The potential launch of Ether ETFs has garnered attention, with Bloomberg ETF analyst Eric Balchunas suggesting a “legit possibility” of their introduction by late June.

Some analysts speculate that the trading launch of spot Ether ETFs could result in increased demand for Ether, potentially propelling its price beyond its previous all-time high of $4,870 reached in November 2021, similar to the effect observed with Bitcoin after the introduction of spot Bitcoin ETFs in January.

Compared to Bitcoin, Ether may experience even greater benefits from demand pressures due to its lower “structural sell pressure,” as highlighted in a report by DeFi analyst Michael Nadeau.

While Bitcoin miners occasionally sell BTC to cover mining expenses, Ethereum validators do not face the same operating costs.

This dynamic could potentially contribute to stronger price performance for Ether.

However, concerns have been raised regarding the influence of Grayscale’s Ethereum Trust (ETHE), which manages $11 billion in funds, on Ether’s price action.

If it follows the pattern of the Grayscale Bitcoin Trust (GBTC), there could be significant outflows from ETHE, impacting Ether’s price.

Presently, Ether is trading at $3,781, representing a 0.82% decline over the past 24 hours and a 23% decrease from its all-time high, according to CoinMarketCap.

Ethereum ETF Approval Was Political

Bloomberg ETF analyst James Seyffart believes the approval of spot Ethereum ETFs was likely influenced by political decisions rather than purely financial considerations.

In a recent interview, Seyffart suggested that the political climate, including actions by the Biden administration and responses from the crypto community, played a significant role for the approval to go through.

Beyond Bitcoin and Ethereum, the approval of other crypto ETFs, including Solana, is unlikely without significant regulatory changes, Seyffart said.

He noted that a regulated market is needed to monitor these assets for fraud and manipulation.

In contrast, crypto investor and trader Brian Kelly has suggested that Solana could potentially become the next cryptocurrency to have a spot ETF in the United States.

In a recent episode of CNBC’s ‘Fast Money’, Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund, posed the question, “The trade now is, who’s next?”

He then suggested, “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.”

The post Over $3 Billion Worth of ETH Withdrawn from CEXes Since Approval of US Ether ETFs appeared first on Cryptonews.

El Salvador’s crypto-friendly President Nayib Bukele, 42, is set to govern for another five years taking near-total control of parliament.

President Bukele took the oath of office at the National Palace in San Salvador this weekend. During the ceremony, he received the presidential blue and white sash from Ernesto Castro, the President of the Legislative Assembly. The whole ceremony was broadcast live and many Salvadorans gathered to cheer for the President.

Over the years, the young President has shown support for crypto and it has been revealed that El Salvador has much more Bitcoin than previous estimates when President Bukele posted on X that the country has moved over 5,000 bitcoins worth over $400 million into a cold wallet.

Oficialmente, @nayibbukele es el Presidente de la República de El Salvador para el periodo 2024 – 2029.#InvestiduraPresidencial pic.twitter.com/idcypyt2Jf

— Casa Presidencial (@PresidenciaSV) June 1, 2024

Donald Trump Jr. arrived in El Salvador to attend the inauguration. He congratulated the President on winning a second term and joked about not having to imprison his political opponents. To which President Bukele responded, “we don’t jail political opponents here.”

I congratulated President @nayibbukele this morning for winning a second term and not even having to try to imprison his political opponents!

Bukele said “we don’t jail political opponents here.”

Incredible concept! pic.twitter.com/Ok604ouMA4

— Donald Trump Jr. (@DonaldJTrumpJr) June 3, 2024

Many crypto enthusiasts took to the social media platform X to congratulate President Bukele on a decisive victory for the 2024-2029 term.

Leadership under a Bitcoin Standard looks like this.

-Young
-Smart
-Fit
-Patriotic

Bukele is Proof of Work— Cheers to 5 more years. God bless El Salvador pic.twitter.com/rQd4yv5OwY

— Cory Bates (@corybates1895) June 1, 2024

El Salvador’s Bitcoin Adoption

In September 2021 El Salvador became the first nation to use bitcoin as legal tender when bitcoin was trading around $51,000. The move aimed to foster financial inclusion, streamline remittance payments, and promote financial innovation.

During the early days of adoption, President Nayib Bukele’s decision faced criticism, particularly after bitcoin’s price plunged from its all-time high of $69,000 in November 2021. El Salvador has remained steadfast in its bitcoin strategy. Today bitcoin is trading at around $68,400.

In May, El Salvador introduced a cutting-edge online platform for tracking the country’s Bitcoin Treasury. The introduction of the platform is a significant step towards enhancing the financial transparency of government operations in El Salvador. The website, akin to a mempool, offers public access to data regarding El Salvador’s BTC investments

The post El Salvador’s President Nayib Bukele Sworn in for Second Term appeared first on Cryptonews.

East African nation Rwanda aims to create its own retail central bank digital currency (CBDC) to assert its significance in the global economy’s future landscape by 2026.

According to the National Bank of Rwanda, the CBDC would be a secure and convenient alternative to cash, potentially bringing more people into the banking system.

The deputy governor of Rwanda’s central bank, Soraya Hakuziyaremenye, discussed plans for a digital currency and its advantages for citizens in a recent interview with The New Times.

She highlighted that several African nations, like Nigeria, Ghana, and South Africa, are already testing or launching their own digital currencies. She mentioned that Rwanda’s central bank has been collaborating with the finance ministry, and technology since 2022 to study these examples and explore a Rwandan CBDC.

Rwanda’s Central Bank Prioritizes Risk Assessment for CBDC

Their research highlighted the importance of understanding not just the technology involved, but also the potential risks of issuing a digital currency.

She explained that a CBDC would encourage competition and innovation within payment systems, supporting Rwanda’s goal of a cashless economy. Additionally, it would streamline international transactions. The central bank plans to take a measured approach to the CBDC, requiring government approval before proceeding.

The official emphasized that public adoption is crucial for the CBDC’s success. The bank doesn’t want to launch a digital currency simply for the sake of it; it needs to offer clear advantages for Rwandan citizens.

Rwanda’s CBDC Pilot to Test Technology and Design in a Controlled Setting

Rwandans have four more weeks to participate in the public discussion about the CBDC. After that, the central bank will move forward with a pilot test to assess its feasibility.

“That will allow us to test the technology, the design, and the speed on a small scale,” the governor said. “But there is also an aspect of cases where we want to test the technology in other countries, particularly in cross-border payments, this exercise will roughly take six months.”

The pilot test will involve a select group of people and businesses using the CBDC. This will allow the central bank to evaluate the technology’s smoothness, resilience, and effectiveness in managing potential risks.

The post Rwanda to Roll Out CBDC By 2026 After Consultations, Testing appeared first on Cryptonews.

The FTX estate, led by CEO John Ray III, has divested its remaining shares in Anthropic, the AI startup known for its chatbot Claude, as revealed in the firm’s recent bankruptcy filings.

According to the filings, FTX sold the remaining 15 million shares for approximately $30 each, resulting in proceeds exceeding $450 million.

The sale brings the total earnings from FTX’s initial $500 million investment in Anthropic to around $1.3 billion, resulting in a profit of roughly $800 million.

Notably, the price per share for this second sale matched that of the first sale conducted in March.

Leading the buyers in this round was global venture capital fund G Squared, which acquired approximately one-third of the remaining shares, equivalent to 4.5 million shares, for $135 million.

Other venture capital funds constituted the majority of the remaining 20 buyers involved in the acquisition of Anthropic shares.

Cost of FTX Bankruptcy Surges

In parallel to these developments, the cost of the FTX bankruptcy has surged past $500 million in legal and administrative fees, as reported by The Block.

FTX creditors have expressed concerns regarding a potential conflict of interest, as the primary law firm managing FTX’s bankruptcy, Sullivan and Cromwell, had previously represented FTX.

The situation has prompted the appointment of an independent examiner and triggered a class-action lawsuit.

The New York Times’ analysis from last year revealed that law firms have charged hundreds of millions of dollars in fees for crypto company bankruptcies.

FTX CEO John Ray has submitted a bill of $5.6 million to the estate, reflecting his hourly rate of $1,300 since the initiation of the case.

The estate intends to repay at least 118% of allowed claims, measured in dollar value at the time of FTX’s bankruptcy filing, to 98% of its creditors.

Former FTX Co-CEO Sentenced To 7.5 Years

Ryan Salame, former co-CEO of FTX Digital Markets, has been handed a 7.5-year prison sentence by a federal judge after pleading guilty to two felony charges.

The sentencing took place on 28 May 2024 in the US District Court for the Southern District of New York, with Judge Lewis Kaplan presiding over the case.

Salame entered a guilty plea in September 2023 and has been awaiting sentencing.

As reported, Salame requested leniency from the court in the form of an 18-month sentence.

Last month, Bankman-Fried filed to appeal his conviction and sentence for fraud and conspiracy charges.

The disgraced crypto boss was convicted last November after a month-long trial on seven different charges and was sentenced to 25 years in prison.

Meanwhile, the FTX bankruptcy estate has outlined its target to initiate repayments to customers by the end of 2024, as disclosed during a meeting of FTX Digital’s Joint Official Liquidators in the Bahamas.

The FTX bankruptcy consists of two distinct processes, including the Chapter 11 bankruptcy being overseen by a Delaware court in the United States and the official liquidation of FTX Digital, the Bahamas-based subsidiary of FTX.

The post FTX Estate Sells Off Remaining Anthropic Holdings Amid Bankruptcy Proceedings appeared first on Cryptonews.